John Bolton

John Bolton

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Thursday, February 19, 2009

Russia's Putin Warns Against Socialist Solutions for Economic Trouble

Too bad Obama and the Democrats aren't listening...

Putin's speech to the World Economic Forum in Davos Switzerland in January might have gone overlooked if it wasn't for our friend El Rushbo. No wonder the left wants to shut him down.

The following text is an excerpt of Russian Prime Minister Vladimir Putin's speech at the opening ceremony of the World Economic Forum in Davos, Switzerland.

...Excessive intervention in economic activity and blind faith in the state's omnipotence is another possible mistake.

True, the state's increased role in times of crisis is a natural reaction to market setbacks. Instead of streamlining market mechanisms, some are tempted to expand state economic intervention to the greatest possible extent.

The concentration of surplus assets in the hands of the state is a negative aspect of anti-crisis measures in virtually every nation.

In the 20th century, the Soviet Union made the state's role absolute. In the long run, this made the Soviet economy totally uncompetitive. This lesson cost us dearly. I am sure nobody wants to see it repeated.

Nor should we turn a blind eye to the fact that the spirit of free enterprise, including the principle of personal responsibility of businesspeople, investors and shareholders for their decisions, is being eroded in the last few months. There is no reason to believe that we can achieve better results by shifting responsibility onto the state.

And one more point: anti-crisis measures should not escalate into financial populism and a refusal to implement responsible macroeconomic policies. The unjustified swelling of the budgetary deficit and the accumulation of public debts are just as destructive as adventurous stock-jobbing.

What a shame the arrogant left in this country isn't listening. Even "Mr. KGB" Putin realizes that state control of the economy is a mistake. Rather than learn from Russia's example the left in the U.S. thinks it can succeed where every other nation has failed.

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